Provided are a Ni-based alloy for hot die having a high high-temperature compressive strength and a good oxidation resistance and being capable of suppressing the deterioration in the working environment and the shape deterioration, and a hot forging die made of the Ni-based alloy for hot die. The Ni-based alloy for hot die comprises, in mass %, W: 7.0 to 15.0%, Mo: 2.5 to 11.0%, Al: 5.0 to 7.5%, Cr: 0.5 to 3.0%, Ta: 0.5 to 7.0%, S: 0.0010% or less, one or two or more selected from rare-earth elements, Y, and Mg in a total amount of 0 to 0.020%, and the balance of Ni with inevitable impurities. In addition to the composition described above, one or two elements selected from Zr and Hf can further be contained in a total amount of 0.5% or less.